A trustee, officer, employee, manager, or committee of a statutory trust, or other person designated pursuant to § 29-1201.03(e)(8) or (9) is not liable to the trust or to a beneficial owner for breach of any duty, including a fiduciary duty, to the extent the breach results from reasonable reliance on:
(1) A term of the governing instrument;
(2) A record of the statutory trust; or
(3) An opinion, report, or statement of another person that the trustee reasonably believes is within the other person’s professional or expert competence and is made or delivered to the trustee, officer, employee, manager, or committee of a statutory trust or other person designated pursuant to § 29-1201.03(e)(8) or (9).
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(C), 59 DCR 13171.)
Section ReferencesThis section is referenced in § 29-1201.04.
Effect of AmendmentsThe 2013 amendment by D.C. Law 19-210 substituted “Reasonable” for “Good-faith” in the section heading; in the introductory language substituted “§ 29-1201.03(e)(8) or (9) is not” for “§ 29-1201.03(e)(8), shall not be” and “reasonable” for “good-faith”; and added “or (9)” at the end of (3).
Editor's NotesUniform Law: This section is based on § 506 of the Uniform Statutory Trust Entity Act.
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.